Amid supply disruptions, Southeast Asian buyers rush to purchase Russian oil

Multiple sources, including Russia, say that as the war in Iran has caused supply disruptions, Southeast Asian countries such as Vietnam, Thailand, the Philippines, Indonesia, and Sri Lanka are lining up to buy Russian oil—raising the possibility that demand may exceed what can be supplied.

But according to reports from multiple parties, including the media and Russia, in recent weeks, a number of Southeast Asian countries have already begun lining up to place orders.

In response to questions about Russian oil demand, Kremlin spokesperson Dmitry Peskov said: “The volume of demand is very large, especially for replacement destinations. Therefore, there may be a moment when it becomes difficult to meet additional demand.”

As the war between the United States and Israel against Iran has led to disruptions in shipping through the Strait of Hormuz, one-fifth of global oil production is effectively blocked from entering the market.

Russia has benefited from high oil prices and the 30-day sanctions waiver granted by the United States, which allows it to purchase Russian oil at sea.

Oil revenues and natural gas sales account for about one-quarter of Russia’s national fiscal income.

However, Russia’s ability to increase its oil export capacity is constrained, partly because Ukrainian drone strikes have actually left at least 40% of the country’s oil export capacity stalled.

Two tankers head to Manila

According to data from the London Stock Exchange Group, the Philippines has purchased two tankers of Russian Far East ESPO blended crude oil, totaling about 1.5 million barrels—marking the first time the country has resumed buying Russian oil in five years.

The Sara Sky and Tiger Wings tankers will ship the oil to the Limay port in the Philippines, where the berth of the Bataan refinery is located.

Thailand Deputy Prime Minister Phippachar Ratchadabakana said Thailand has also discussed potential crude oil purchases with Russia.

Multiple Sri Lankan media outlets have reported on negotiations regarding Russia supplying oil to Sri Lanka.

Vietnam Prime Minister Pham Minh Chinh visited Moscow this week, requesting that Russian oil and gas company Zarubezhneft increase investment in Vietnam and supply crude oil to this Southeast Asian country over the long term.

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